Training of professional economists with higher education was started from the 20s of the past century. Thus, one of the five faculties created at Polytechnological Institute by the Revolutionary Committee of Azerbaijan was the faculty of economy. Economy section was established within the faculty of public sciences at the Azerbaijan State University in 1922 and that section prepared professional economists till 1930.

A new Azerbaijan State Economic University was established on the basis of the Azerbaijan State Economic Institute and Baku Merchandising Institute according to the Decree #349 of the President of the Republic of Azerbaijan. Thus, our university which was founded in 1930 grew from a small faculty into one of the leading universities of Azerbaijan, becoming one of the largest higher education institutions in the Caucasus region, which is considered as the main centre preparing high quality specialists in important fields such as industry, agriculture, trade, finance, statistics, tax system, marketing and management in our country. Our objective is to turn the University into modern electronic university successfully integrated to the world education system in the future. The most memorable event the life of University of Economics was the arrival of the Great Leader Heydar Aliyev at the University. Participation of Heydar Aliyev, then President of the Republic of Azerbaijan in the celebration of the 70th anniversary of University of Economics was an unforgettable event in the memory of our multi-thousand staff. Care to and focus on science and education of Azerbaijan, courageous scientists and teachers was in the limelight of political activity of Heydar Aliyev.